Creating a will is a crucial step when estate planning. It helps to ensure that your assets are distributed according to your wishes after your death. For residents of Colorado, there are specific considerations and legal requirements to be aware of.
In Colorado, a will must meet certain criteria to be considered legally valid. The person creating the will, known as the testator, must be at least 18 years old and of sound mind. The will must be in writing and signed by the testator or by someone else in the testator’s presence and at their direction.
Additionally, the will must be witnessed by at least two individuals who are also over the age of 18. These witnesses shouldn’t be beneficiaries of the will to avoid potential conflicts of interest.
Self-proving wills
Colorado allows for “self-proving” wills, which can streamline the probate process. A self-proving will must include a notarized affidavit signed by the testator and witnesses at the time the will is executed. This affidavit confirms that the testator was of sound mind and not under duress when signing the will. This can reduce the likelihood that witnesses will need to testify in court to validate the will.
Probate process and intestacy
Having a will helps to ensure that assets are distributed according to the testator’s instructions. Without one, the state’s intestate laws will go into effect. These laws dictate which heirs receive an inheritance. There won’t be any preference given to what the testator’s wishes may have been.
The probate process is something that many people aren’t familiar with. This is the formal way to work through an estate plan and distribute the assets in the appropriate manner. In some cases, an estate plan may be challenged, which can delay the distribution of the assets and closure of the estate.
Working with a legal representative to create a will and other estate planning components can minimize the risk of someone contesting an individual’s estate plan. Creators of estate plans should ensure that they regularly review their plan, including their will, periodically to ensure it’s still set up to reflect their current wishes.